Childcare costing some parents more than their mortgage

According to a report by the BBC today, many parents are paying more for childcare per year than their mortgage and it is a cost which is becoming unsustainable. The BBC have written the article to highlight some research results produced in The Family and Childcare Trust’s annual report which suggests the following:

Average fees for one child in part-time nursery and another in an after-school club are £7,549 per year.

Full-time childcare costs are about £11,700 a year

The average annual UK mortgage costs an estimated £7,207 last year.

Many mums (and dads) are having to give up their jobs as it doesn’t make economic sense to pay so much in childcare, however going down to just one salary per household is landing lots of families in financial hot water.

Anand Shukla, chief executive at the Family and Childcare Trust, said:

“When even part-time childcare costs outstrip the average mortgage for a family home – and many parents have to spend more than a quarter of their income on childcare – it’s clear that our childcare system isn’t fit for purpose.

We need a… system that helps parents who want to work and contribute to the economy and gives children the best start in life.”